The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-07-19
MEMPHIS DAILY APPEAL:-TUESDAY. JULY 49, 1897
JUlIls.kUNGt'S FAILURE.
THE GREAT TEXAS COTTON KING
ASSIGNS.
History Of the "Corner" He Tried
to Make in Cotton-He Held
100000 Bales.

New York, July lS.-The Nail and
Ezpress says: The announcement that
julius Range, the big Galveston cot.
ton operator, had made an assignment
In that city, caused decline OF four.
teen points in Augrss here today,
equal to the same amount in Liver
pool. Runge had been carving a
large line Of cotton for a syndicate
which embraced people in Galveston,
New Orleans and Liverpo, 81, and If re-
ports are correct, also included opera
tors In Chicsgo and st. Louis, who are
we'll known in the grain tsade. Runge
was member OF the Arm OF Kaufman
& Runge, q cotton firm In Galveston.
He organized syndicate as far back
as February, when cotton vas con.
sidered low, and began to buy the
near options, more particularly April,
until he had cornered that month,
gradually advancing the market till II
stood one cent above the lowest point
He took hold Of August at about 50 so
and pushed II up on the shorts till the
market touched Sill So q few weeks
ago. The bull movement all along
was based on the cheapness OF the
price or the favorable statistical posi-.
ton.
But the stocks on hand increas d
aud the recent report OF the Bureau Of
Agriculture, showing q very favorable
outlook for the new crop, made the
corner s:agger. August soon began to
waver and look top heavy, until 1t
suddenly took a dlwnward plunge,
and, with occasional rallies, has been
declining ever since. The total adj
vance on the syndicates August cotton
from the lowest point wAe about II
cents, but since then tho market hes
at Intervals dropped 20 and 30 points
at q time, and today in sympathy with
the fall in Liverpool, showed decline
from the highest point OF little more
than . cents.
There. was less excitement, how
ever, than might have been expected
under the ciIcumstancee, but sill Tor
a time the market was active and tx
cited, So 1t was not known hos tue
syndicate stood on the market, or
how some OF the German houses here
would weather the gale. August
closed on Saturday at 10 PC, but sank
rapidly on the FIST call today TO 0 o..
As it began TO appear, however, that
Mr.. Ranges contract here bad been
settled, the market became stronger,
aud the buying by shots carried the
price back TO l0.l2c. Later II was
lo.t Sc. Mr.. RuDge has had consider
able success Ia other speculstions. He
is understood TO have made 5000, 00C
In the big coffee deal, aud also to have
ieen behind the recent corner In
wheat here, by which the price wa
forced from 92c up to 3l07. Some o.
bis i.iends in the grain trade at III,
West went into cotton By his advice
though Il is not known how heavily
The syndicate OF which he was tb'
head represented capital, II wa
clsimed, Of $4,000, 600, end 1t wal
paid at one time that this clique held
100000 bales here and 100000 II
Liverpool. The opinion here is tia
he had good chance OF eutcess II h,
had attempted TO corner New Yorl
only. He sought, however, to put tn,
screws on Liverpool, aud the tatl
proved too mucn for him, and in
stead Of the 100000, or 5000. 90
which the clique claimed they woul,
make on the deal, II has fallen through
altogether and the cotton was sod on
In Liverpool today.